Press release: IFRS versus LUX GAAP – A comprehensive comparisonDOWNLOAD
The growing acceptance of IFRS globally as well as in Luxembourg means that more and more entities in Luxembourg are exposed to IFRS. With the aim of providing a clear and practical overview of the differences between the requirements of IFRS and Lux GAAP, Deloitte S.A. publishes a comparison between the two accounting frameworks highlighting the variations commonly found in practice.
IFRS have already been included as an accounting option for credit institutions, insurance and re-insurance companies. The Luxembourg authorities have issued the draft law 5976, beginning of 2009, introducing IFRS for commercial companies, which will give the option to use IFRS for statutory accounts, to any limited liability company registered in Luxembourg.
Where the Luxembourg commercial law does not require or specify an accounting principle, guidance is taken from the best practices used in foreign accounting GAAP, including IFRS.
Eddy Termaten, audit partner and IFRS leader of Deloitte S.A, explains “These days, many companies have to deal with both IFRS and Lux GAAP, such as subsidiaries of international companies listed on a stock exchange, which are, for statutory reasons, also required to comply with the Luxembourg legislation or enterprises considering a conversion from Lux GAAP to IFRS. For these companies particularly it is essential to have an overview of the requirements of each principle and of their differences, as well as for standard setters and regulators deciding on the further implementation of IFRS.”
The brochure entitled IFRS versus LUX GAAP – A Comprehensive Comparison is available here or upon request to firstname.lastname@example.org, if you wish to receive a hard copy.